Crude oil price returns to the bearish track – Analysis - 06-12-2022

Crude oil price suffered strong losses yesterday and ended sessions below 78.20, to return to the main bearish channel and head towards resuming the main bearish trend, affected by the double top pattern that its signs appear on the chart, on its ways to achieve negative targets that start at 76.30 followed by 75.00.

Therefore, we expect to witness more decline in the upcoming sessions, noting that breaching 78.20 will motivate the price to start correctional bullish attempts and head to test 80.00 followed by 81.00 areas initially.

The expected trading range for today is between 75.50 support and 79.00 resistance.

The expected trend for today: Bearish